I don't think having no understanding of monetary management is strictly a bottom tier problem, the resent financial problems have exposed plenty of people in the middle and upper tiers as well. Lack of money management education is really a problem across the board.
Having an understanding and making smart decisions don't always go hand in hand. I suspect many people know what they are doing is bad for their financial health but simply don't have the will power to do the right thing in the near term because the adverse consequences only come years down the road.
